Neos S&P 500(R) High Income ETF
$54.11+0.01 (+0.02%)
- 0.68%
- $12.6B
- +18.6%
- 11.72%
- 2.7M sh
- $54.09
- low $47.77high $54.47
The ETF.net SPYI Grade
A
Score 70 out of 100
- 13 of 52
Score 70 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C44 out of 100Rank 29 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C43 out of 100Rank 34 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A97 out of 100Rank 2 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 9 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A83 out of 100Rank 6 of 52
Our read on SPYI
ASPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.
The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.
Why people hold it
- The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.comsec.gov
- Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.comneosfunds.com
- Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.
Worth knowing
- At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
- Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
- Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.comneosfunds.com
SPYI Holdings
- Stocks
- 504
- 39%
- NVDA
Sectors
- Technology41.0%
- Financials11.1%
- Communication9.8%
- Health Care9.0%
- Consumer Discretionary8.8%
- Industrials7.5%
- Consumer Staples4.3%
- Energy3.4%
- Utilities1.9%
- Real Estate1.6%
- Materials1.5%
Geography
- United States97.98%
- Ireland1.15%
- United Kingdom0.40%
- Switzerland0.29%
- Netherlands0.09%
- Bermuda0.07%
- Canada0.01%
SPYI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
SPYI$11,860
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPYI |
|---|---|
| Year to date | +12.7% |
| 1 month | +2.0% |
| 3 months | +3.8% |
| 1 year | +18.6% |
| 3 years | +17.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPYI |
|---|---|---|
| 2026 YTD | +12.7% | |
| 2025 | +16.7% | |
| 2024 | +19.0% | |
| 2023 | +18.1% | |
| 2022 | −2.5% |
SPYI in the news
SPYI Dividends
- 11.72%
- $6.34
- $0.53 per share
- Monthly
Distribution history
SPYI Risk
- 8.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.40
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.70
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPYI Cost
0.68%
SPYI0.68%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
27 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- ARSPAInvesco S&P 500 Equal Weight Income Advantage ETFExpense ratio 0.32%1 year return +15.3%
- AXYLGGlobal X S&P 500 Covered Call & Growth ETFExpense ratio 0.35%1 year return +20.3%
- BPAPIParametric Equity Premium Income ETFExpense ratio 0.29%1 year return +14.6%
- BSIXHETC 6 Meridian Hedged Equity Index Option ETFExpense ratio 0.31%1 year return +17.8%
- BNBOSNeuberger Berman Option Strategy ETFExpense ratio 0.59%1 year return +18.1%